JTC Corporation has announced that it is proceeding to divest $1.71 billion of assets to Temasek unit Mapletree Investments Pte Ltd.
However, JTC and Mapletree will not be proceeding with the proposed listing of the portfolio of properties through a Real Estate Investment Trust (Reit) 'at the present time', a release issued by JTC and Mapletree said. 'This in light of the current volatile market conditions which are not conducive for a Reit IPO. Instead, JTC will divest the portfolio of properties to a private trust sponsored by Mapletree,' the release said.
The properties to be divested comprise 39 blocks of flatted factories in various locations including Kaki Bukit, Kallang Way, Loyang, Serangoon North and Tanglin Halt, 12 amenity centres, six stack-up buildings, a ramp-up building, The Synergy and The Strategy at International Business Park in Jurong and The Signature at the Changi Business Park, plus one warehouse building at Clementi West. The transfer of properties to Mapletree is expected to be completed by July 1. -- BT newsroom
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